Marcos Jr. Secured $23B Investment Pledges From China Visit

The recent state visit of President Ferdinand R. Marcos Jr. in Beijing China has culminated in Chinese companies pledging to invest over $22.8 billion.

Malacańang has mentioned that President Marcos Jr. attended a roundtable discussion with Chief Executive Officers (CEOs) from several sectors in China where intentions to expand and invest in the Philippines were discussed.

Most of these investment commitments came in the renewable energy meeting with pledges totaling over $13.76 billion.

Investors from China are likewise targeting strategic manufacturing and electric vehicles (EVs), mineral processing with over $7.32 billion, and agribusiness with over $1.72 billion.

“I assure you that our government is committed to supporting your business activities in the country,” mentioned President Marcos Jr, to the Chinese investors.

It was also mentioned by the President that the economic fundamentals of the Philippines are still strong and had been maintaining growth, with  Q3 of 2022 showing a gross domestic product (GDP) growth of 7.6%. The third quarter of 2022 was the first three months of his administration.

On the topic of renewable energy, Chinese firms are looking at wind and solar projects plus equipment manufacturing such as wind turbine generation towers, blades, foundations, and other parts of the wind turbine.

“We look forward to more Chinese investments in renewable energy pursuits such as in solar and wind, as well as in related sectors including battery energy storage systems and off-grid power supply systems,” mentioned President Marcos Jr. while highlighting that the Philippines has an increasing demand in power to make it possible for investors interested in the energy sector of the country.

Source: Philippine News Agency